Boeing Co. (BA)


Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Difficulty: Beginner


Historical Valuation Ratios (Summary)

Boeing Co., historical price multiples (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Price to earnings (P/E) 40.72 20.85 21.87 19.81 21.17 21.66 24.68 22.99 19.37 21.39 20.50 20.94 22.83 17.26 14.89 16.84 18.87 17.97 19.15
Price to operating profit (P/OP) 37.86 18.43 19.08 18.58 18.09 17.95 19.69 16.32 15.29 18.07 17.20 18.67 16.60 12.11 10.36 11.39 12.68 13.15 13.96
Price to sales (P/S) 2.21 2.10 2.26 2.05 2.10 2.09 2.17 1.69 1.52 1.18 1.06 0.95 0.88 0.90 0.80 0.98 1.05 1.13 1.15
Price to book value (P/BV) 1,689.96 674.83 163.46 569.92 141.72 1,154.49 122.80 43.00 144.98 21.60 12.17 14.03 15.89 13.22 12.04 5.97 6.49 6.56

Based on: 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-12), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-10), 10-Q (filing date: 2015-10-21), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22), 10-K (filing date: 2015-02-12), 10-Q (filing date: 2014-10-22), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-23).

Ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Boeing Co.’s P/E ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 exceeding Q4 2018 level.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Boeing Co.’s P/OP ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 exceeding Q4 2018 level.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Boeing Co.’s P/S ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 not reaching Q4 2018 level.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Boeing Co.’s P/BV ratio increased from Q4 2018 to Q1 2019 but then declined significantly from Q1 2019 to Q2 2019.

Price to Earnings (P/E)

Boeing Co., historical P/E calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 562,710,008 562,630,423 564,985,109 567,885,369 574,508,314 582,580,973 588,490,313 595,578,523 591,083,386 603,580,992 612,478,643 617,165,902 623,825,935 637,011,143 662,503,822 669,983,631 679,495,119 691,517,301 704,387,613 712,930,459 720,613,065 729,224,508
Selected Financial Data (USD $)
Net earnings (loss) related to parent (in millions) (2,942) 2,149  3,424  2,363  2,196  2,477  3,132  1,853  1,761  1,451  1,631  2,279  (234) 1,219  1,026  1,704  1,110  1,336  1,466  1,362  1,653  965 
Earnings per share (EPS)2 8.87 18.01 18.51 17.91 16.81 15.83 13.93 11.24 12.05 8.49 7.99 6.95 5.96 7.94 7.81 8.38 7.76 8.41 7.73 0.00 0.00 0.00
Share price1, 3 361.43 375.46 404.91 354.65 355.92 342.86 343.80 258.42 233.45 181.71 163.81 145.54 135.96 137.08 116.36 141.19 146.47 151.19 148.09 121.45 126.71 130.63
Ratio
P/E ratio4 40.72 20.85 21.87 19.81 21.17 21.66 24.68 22.99 19.37 21.39 20.50 20.94 22.83 17.26 14.89 16.84 18.87 17.97 19.15
Benchmarks
P/E Ratio, Competitors5
General Dynamics Corp. 16.37 15.86 14.95 16.70 20.19 21.62 21.37 20.14 19.48 19.59 18.75 15.75 15.06 14.80 13.88 16.43 16.89 17.16 17.93
Lockheed Martin Corp. 17.27 16.68 16.88 27.66 35.10 39.27 48.70 24.31 16.40 15.14 14.14 13.88 20.92 19.62 18.36 18.61 17.50 17.48 16.86
Northrop Grumman Corp. 17.46 14.62 14.48 16.82 20.98 26.19 29.23 22.46 19.81 18.96 18.21 18.84 18.99 18.12 17.15 17.06 16.30 15.62 15.27
Raytheon Co. 17.45 16.24 17.56 20.34 22.89 28.19 30.30 24.17 23.08 19.88 20.13 17.88 18.90 19.40 18.25 16.94 14.55 15.06 14.67
United Technologies Corp. 22.64 22.83 19.74 19.82 21.22 21.95 21.97 18.40 17.85 18.13 17.55 11.26 12.51 11.86 9.31 15.38 14.05 16.07 17.52

Based on: 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-12), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-10), 10-Q (filing date: 2015-10-21), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22), 10-K (filing date: 2015-02-12), 10-Q (filing date: 2014-10-22), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-23).

1 Data adjusted for splits and stock dividends.

2 Q2 2019 Calculation
EPS = (Net earnings (loss) related to parentQ2 2019 + Net earnings (loss) related to parentQ1 2019 + Net earnings (loss) related to parentQ4 2018 + Net earnings (loss) related to parentQ3 2018) ÷ No. shares of common stock outstanding
= (-2,942,000,000 + 2,149,000,000 + 3,424,000,000 + 2,363,000,000) ÷ 562,710,008 = 8.87

3 Close price on the filing date of Boeing Co.’s Quarterly or Annual Report.

4 Q2 2019 Calculation
P/E ratio = Share price ÷ EPS
= 361.43 ÷ 8.87 = 40.72

5 Click competitor name to see calculations.

Ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Boeing Co.’s P/E ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 exceeding Q4 2018 level.

Price to Operating Profit (P/OP)

Boeing Co., historical P/OP calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 562,710,008 562,630,423 564,985,109 567,885,369 574,508,314 582,580,973 588,490,313 595,578,523 591,083,386 603,580,992 612,478,643 617,165,902 623,825,935 637,011,143 662,503,822 669,983,631 679,495,119 691,517,301 704,387,613 712,930,459 720,613,065 729,224,508
Selected Financial Data (USD $)
Earnings (loss) from operations (in millions) (3,380) 2,350  4,175  2,227  2,710  2,875  3,030  2,689  2,535  2,024  2,183  2,282  (419) 1,788  1,161  2,580  1,683  2,019  2,025  2,119  1,787  1,542 
Operating profit per share2 9.55 20.37 21.22 19.09 19.68 19.10 17.47 15.84 15.27 10.06 9.53 7.80 8.19 11.32 11.23 12.40 11.55 11.50 10.61 0.00 0.00 0.00
Share price1, 3 361.43 375.46 404.91 354.65 355.92 342.86 343.80 258.42 233.45 181.71 163.81 145.54 135.96 137.08 116.36 141.19 146.47 151.19 148.09 121.45 126.71 130.63
Ratio
P/OP ratio4 37.86 18.43 19.08 18.58 18.09 17.95 19.69 16.32 15.29 18.07 17.20 18.67 16.60 12.11 10.36 11.39 12.68 13.15 13.96
Benchmarks
P/OP Ratio, Competitors5
General Dynamics Corp. 12.14 11.70 11.22 12.03 14.41 15.35 14.90 14.53 13.63 13.70 12.86 10.89 10.68 10.44 9.85 11.32 11.59 11.27 11.68
Lockheed Martin Corp. 12.47 11.82 11.62 11.87 13.50 14.48 16.47 16.08 14.77 14.12 13.51 13.48 15.04 13.58 12.17 12.10 11.38 11.28 10.89
Northrop Grumman Corp. 14.52 12.29 12.37 13.75 15.70 17.50 17.85 15.77 13.74 13.18 12.55 13.17 12.88 12.31 11.10 11.03 10.40 9.85 9.88
Raytheon Co. 11.45 10.77 11.25 11.98 14.19 16.76 18.48 15.88 15.10 13.50 13.74 12.48 13.15 13.60 12.56 11.56 10.04 10.25 10.36
United Technologies Corp. 13.97 14.00 12.16 11.49 12.07 11.76 11.53 11.38 11.24 11.22 10.86 11.90 12.92 12.38 9.71 9.43 8.92 10.49 11.15

Based on: 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-12), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-10), 10-Q (filing date: 2015-10-21), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22), 10-K (filing date: 2015-02-12), 10-Q (filing date: 2014-10-22), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-23).

1 Data adjusted for splits and stock dividends.

2 Q2 2019 Calculation
Operating profit per share = (Earnings (loss) from operationsQ2 2019 + Earnings (loss) from operationsQ1 2019 + Earnings (loss) from operationsQ4 2018 + Earnings (loss) from operationsQ3 2018) ÷ No. shares of common stock outstanding
= (-3,380,000,000 + 2,350,000,000 + 4,175,000,000 + 2,227,000,000) ÷ 562,710,008 = 9.55

3 Close price on the filing date of Boeing Co.’s Quarterly or Annual Report.

4 Q2 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 361.43 ÷ 9.55 = 37.86

5 Click competitor name to see calculations.

Ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Boeing Co.’s P/OP ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 exceeding Q4 2018 level.

Price to Sales (P/S)

Boeing Co., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 562,710,008 562,630,423 564,985,109 567,885,369 574,508,314 582,580,973 588,490,313 595,578,523 591,083,386 603,580,992 612,478,643 617,165,902 623,825,935 637,011,143 662,503,822 669,983,631 679,495,119 691,517,301 704,387,613 712,930,459 720,613,065 729,224,508
Selected Financial Data (USD $)
Revenues (in millions) 15,751  22,917  28,341  25,146  24,258  23,382  25,368  24,309  22,739  20,976  23,286  23,898  24,755  22,632  23,573  25,849  24,543  22,149  24,468  23,784  22,045  20,465 
Sales per share2 163.77 178.91 178.99 172.84 169.39 164.44 158.70 153.31 153.78 153.94 154.41 153.70 155.19 151.64 145.08 144.79 139.73 133.69 128.85 0.00 0.00 0.00
Share price1, 3 361.43 375.46 404.91 354.65 355.92 342.86 343.80 258.42 233.45 181.71 163.81 145.54 135.96 137.08 116.36 141.19 146.47 151.19 148.09 121.45 126.71 130.63
Ratio
P/S ratio4 2.21 2.10 2.26 2.05 2.10 2.09 2.17 1.69 1.52 1.18 1.06 0.95 0.88 0.90 0.80 0.98 1.05 1.13 1.15
Benchmarks
P/S Ratio, Competitors5
General Dynamics Corp. 1.42 1.38 1.38 1.50 1.85 2.05 2.01 2.00 1.88 1.89 1.77 1.49 1.44 1.40 1.31 1.49 1.52 1.45 1.47
Lockheed Martin Corp. 1.76 1.65 1.58 1.60 1.76 1.82 1.91 1.78 1.70 1.63 1.59 1.57 1.68 1.53 1.43 1.45 1.39 1.38 1.34
Northrop Grumman Corp. 1.76 1.51 1.55 1.74 1.90 2.21 2.28 2.08 1.82 1.74 1.63 1.69 1.65 1.59 1.45 1.45 1.36 1.28 1.32
Raytheon Co. 1.91 1.80 1.89 1.90 2.11 2.37 2.42 2.12 2.00 1.87 1.85 1.66 1.70 1.60 1.63 1.53 1.38 1.47 1.44
United Technologies Corp. 1.61 1.74 1.56 1.54 1.72 1.60 1.67 1.62 1.63 1.65 1.55 1.45 1.60 1.56 1.26 1.52 1.45 1.62 1.67

Based on: 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-12), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-10), 10-Q (filing date: 2015-10-21), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22), 10-K (filing date: 2015-02-12), 10-Q (filing date: 2014-10-22), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-23).

1 Data adjusted for splits and stock dividends.

2 Q2 2019 Calculation
Sales per share = (RevenuesQ2 2019 + RevenuesQ1 2019 + RevenuesQ4 2018 + RevenuesQ3 2018) ÷ No. shares of common stock outstanding
= (15,751,000,000 + 22,917,000,000 + 28,341,000,000 + 25,146,000,000) ÷ 562,710,008 = 163.77

3 Close price on the filing date of Boeing Co.’s Quarterly or Annual Report.

4 Q2 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= 361.43 ÷ 163.77 = 2.21

5 Click competitor name to see calculations.

Ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Boeing Co.’s P/S ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 not reaching Q4 2018 level.

Price to Book Value (P/BV)

Boeing Co., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 562,710,008 562,630,423 564,985,109 567,885,369 574,508,314 582,580,973 588,490,313 595,578,523 591,083,386 603,580,992 612,478,643 617,165,902 623,825,935 637,011,143 662,503,822 669,983,631 679,495,119 691,517,301 704,387,613 712,930,459 720,613,065 729,224,508
Selected Financial Data (USD $)
Shareholders’ equity (in millions) (5,322) 125  339  (1,289) (1,441) 1,222  355  1,086  (2,037) 95  817  2,089  585  4,043  6,335  6,740  6,264  7,906  8,665  14,511  14,061  14,520 
Book value per share (BVPS)2 -9.46 0.22 0.60 -2.27 -2.51 2.10 0.60 1.82 -3.45 0.16 1.33 3.38 0.94 6.35 9.56 10.06 9.22 11.43 12.30 20.35 19.51 19.91
Share price1, 3 361.43 375.46 404.91 354.65 355.92 342.86 343.80 258.42 233.45 181.71 163.81 145.54 135.96 137.08 116.36 141.19 146.47 151.19 148.09 121.45 126.71 130.63
Ratio
P/BV ratio4 1,689.96 674.83 163.46 569.92 141.72 1,154.49 122.80 43.00 144.98 21.60 12.17 14.03 15.89 13.22 12.04 5.97 6.49 6.56
Benchmarks
P/BV Ratio, Competitors5
General Dynamics Corp. 4.21 4.27 4.26 4.02 5.03 5.41 5.44 5.35 5.32 5.55 5.05 4.07 4.07 4.15 3.83 4.44 4.29 3.95 3.84 3.22 3.08 2.79
Lockheed Martin Corp. 35.45 37.84 61.11 92.42 220.82 42.08 65.95 52.77 49.61 31.34 25.94 22.39 21.37 23.65 21.12 17.67 17.92 12.52 12.35 10.62
Northrop Grumman Corp. 6.30 5.44 5.71 5.45 6.25 7.55 8.36 8.17 7.76 7.79 7.62 6.97 6.85 6.65 6.18 6.10 5.27 4.57 4.37 2.55 2.56 2.46
Raytheon Co. 4.40 4.24 4.45 4.44 5.18 5.92 6.16 4.84 4.55 4.38 4.42 3.82 3.95 3.74 3.74 3.48 3.12 3.41 3.46 2.59 2.48 2.63
United Technologies Corp. 2.87 3.05 2.71 3.07 3.43 3.21 3.38 3.18 3.34 3.46 3.22 2.82 3.10 3.08 2.59 2.92 2.91 3.61 3.49 2.78 2.95 3.32

Based on: 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-12), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-10), 10-Q (filing date: 2015-10-21), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22), 10-K (filing date: 2015-02-12), 10-Q (filing date: 2014-10-22), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-23).

1 Data adjusted for splits and stock dividends.

2 Q2 2019 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= -5,322,000,000 ÷ 562,710,008 = -9.46

3 Close price on the filing date of Boeing Co.’s Quarterly or Annual Report.

4 Q2 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= 361.43 ÷ -9.46 =

5 Click competitor name to see calculations.

Ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Boeing Co.’s P/BV ratio increased from Q4 2018 to Q1 2019 but then declined significantly from Q1 2019 to Q2 2019.